Swifty Corporation prepares financial statements in accordance with ASPE. At January 1, 2020, the company had retained earnings of $1,150.000. In 2020, net income was $329,000, and cash dividends of $45,000 were declared and paid. Prepare a statement of retained earnings for Swifty Corporation, assuming that in 2020, Swifty discovered that it had overstated 2017 depreciation by $44.000 (net of tax of $17,000). (List items that increase retained earnings first.) Swifty Corporation Statement of Retained Earnings For the Year Ended December 31, 2020 Balance, January 1, as reported $ $ Correction for overstatement of depreciation in 2017 (net of tax of $17,000) Balance, January 1, as adjusted Add : Net Income /(Loss) Balance, December 31 $ Save for Later Attempts: 0 of 1 used Submit